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Stock Markets in TURMOIL as Cost of Living and Fuel Prices Soar | United Kingdom | New UK News

The FTSE 100 plunged more than 2%, putting it on track for its worst week of losses since the early stages of Russia’s war with Ukraine in March. Wall Street’s benchmark, the S&P 500, fell nearly 3%, while the Dow Jones Industrial Average lost 813 points, or 2.6%.

It came after data showed a surprise surge in US inflation to a shocking 41-year low, triggering a sell-off in global markets.

In Britain, shopkeeper anxiety is on par with household concern over the cost of living crisis – an issue that worries more than three-quarters of adults, with around half almost doing so daily, according to a study by the Office for National Statistics

The survey, conducted from April 27 to May 22, found that 77% of people over the age of 16 said they felt “very or somewhat worried about the rising cost of living”.

Of these respondents, 50% said they worry “almost every day”.

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A separate ONS poll of the same group, taken from May 25 to June 5, found almost nine in 10 people said their cost of living had risen, with 52% of that group saying they were using less fuel like gas and electricity at home. .

Almost half said they had reduced spending on food and non-essential travel.

In the second study, 88% of respondents said their cost of living had increased.

He revealed that the proportion of this group spending less on groceries and basic necessities had jumped to 41% from 36% in the previous fortnight, while the proportion of them buying fewer items in their grocery stores had gone from 44% to 46%.

Figures from data firm Experian Catalist showed the average price of a liter of petrol on UK forecourts hit a record 182.3p on Wednesday – an increase of 1.6p from Tuesday, marking the biggest daily jump in 17 years,

The average price of a liter of diesel on Wednesday was 188.1p, meaning filling a tank of diesel would cost a driver £103.43.

With the average price of a liter of diesel on Wednesday at 188.1p, drivers would have had to spend £103.43 to fill up.

The Chancellor said on Monday that the government could not fully shield the country from the cost of living crisis.

Asked by the Treasury Committee on the cost of living, Mr Sunak said it was not possible, or desirable, to try to fully offset the rise in the cost of living.

He said: “Countries around the world are facing rising inflation. Today’s inflation numbers are driven by the energy price cap hike in April, which in turn is driven by rising world energy prices.

“We cannot fully protect people from these global challenges, but we are providing strong support where we can and we are ready to take further action.”

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This notice was published: 2022-06-10 20:38:09

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